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Lender options in California

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darren_nelson Joined: 10 Mar 2009 Posts: 1 1.56 Dollars($)	Posted: Tue Mar 10, 2009 8:06 pm    Post subject: Lender options in California Like 0 Dislike 0 If I have a refinance loan in California (not purchase money), what alternatives does my lender have to foreclosure. I am trying to determine if the lender can foreclose and then go after me for a deficiency judgment or, if that is not an option, could they opt not to foreclose and instead go after my other assets? What about the 2nd lien holder.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Tue Mar 10, 2009 10:29 pm    Post subject: Like 0 Dislike 0 Hi darren_nelson, As far as I know, California is known as an anti-deficiency state. The lender can only foreclose your property but cannot go after you for the deficient amount. As far as second loan is considered, you will still be responsible for it. The second lender may charge off the loan and a third party collection agency can collect it from you. Thanks

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